$PFE - H&S on 30m
Yet another bearish signal. On the 30m timeframe we see a Head & Shoulder pattern formed suggesting a bearish reversal. The neckline is a trend line that is drawn across the intervening lows and should be horizontal or upward sloping to the breakout area. As you can see we closed below the neckline suggesting a breakout confirmation with above average volume. To get your target you measure the distance between the low of the first shoulder to the high of the head. Then subtract that amount on the neckline of the breakout. My PT is around $45. Remember, MM’s can easily drop it lower so be aware of the trend so you don’t buy in too early. This shouldn’t happen all in one day even though it is possible. My prediction tomorrow is that it makes another lower high around $49.50 to trap more bulls into Friday and next week. Overall I’m still very bullish on this stock but it need this correction before we can pass $52. There are lots of eyes on PFE and a lot of people are waiting on an entry at $45, so it may bounce pretty quickly there. But we will see. LMK what you think!
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